Back in 2000, everything at Fujifilm revolved around photography: the business accounted for 60 percent of sales and two-thirds of profits. It wasn’t just about classic cameras with film; the Japanese company also had a high market share for digital cameras. But smartphone photography, which began with the iPhone, would revolutionize the entire market. It has shrunk by 20 to 30 percent per year because people today primarily take pictures with their cell phones. The problem was not exclusive to Fujifilm; competitors such as Kodak and Agfa also faced the challenge of securing new sources of income.
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